Many Minnesota families have great memories of summers and weekends at the family cabin. Family getaway properties are popular places of refuge and leisure. But how do you preserve the family cabin or vacation home for succeeding generations to enjoy? One popular method is by means of a cabin trust, which a Minnesota estate planning attorney from Segal Duffek Moen PLLC can help you set up.
What is a Cabin Trust?
A cabin trust is simply a trust account that is set up for the care and preservation of a vacation property. This can be an important part of your overall estate plan, and it can be integrated into an overarching revocable trust or as a standalone document. A cabin trust places the property and any designated funds into a trust and names a trustee to manage the property and funds. The trustee is given instructions in the trust for managing the cabin for the benefit of the trust beneficiaries.
Benefits of a Minnesota Cabin Trust
Preserving your revered vacation property for your family and descendants allows you to guarantee family ownership of the property and protect it against creditors or litigation. All assets placed in the trust cannot be touched by creditors or litigants. Some other important benefits of a cabin trust include:
- You can retain control of the property during your lifetime, only granting control to the trustee upon your death.
- Placing the property in trust provides some valuable tax benefits and shields your family from tax liability.
- You can exercise some control over the property after your death by stipulating certain provisions in the trust and appointing a trustee to oversee your instructions.
- You can also provide the trust with a source of funding to help with the expenses of maintaining the property.
Estate Planning Trusts with Segal Duffek Moen PLLC
Segal Duffek Moen PLLC is a unique law firm of experienced partners that takes a personal interest in each of our clients. We can assist you with corporate law and personal estate planning needs, including special trusts for preserving your favorite property. Call us at 952-358-7400 and schedule a consultation today to discuss a cabin trust for your Minnesota property.